Of course it doesn’t have to be … in fact, with some resolve and not too much effort it could be your best year ever – when you broaden your perspective on how you get and keep your clients.
You’d have to have been living in a cave in Siberia not to be aware of the huge strides women made this past year. They are speaking up and acting on their newfound voice. They are willing to “out” injustices where they see them and demand equality where they work, live and play. It is an exciting time in history for women.
But it’s not just about equality and abuse, it’s also about demanding respect and recognition from everyone, including the financial industry. Women are not likely to give up the progress they have made – they want what they want and they won’t settle for less any longer. Advisors who take the time to understand how to find and connect with women on their terms will be the winner.
So is this a turning point for you? Could 2018 be your worst year? Or could it be the best one? That depends on you – which advisor described below do you identify with:
Those who don’t care
In talking to advisors over the past few years we have actually found some who simply don’t care. They are most often older advisors who, regardless of the size of their book, are looking at retiring in the next few years and are not interested in changing how they do business. In fact, they don’t care if they lose business. And that’s fine – their loss can be your gain. Their clients are typically male heads of households. These are the advisors women will be leaving just as soon as they are widowed (80% of widows leave their family financial advisor).
Yes, we actually do run into advisors who either do not believe that female clients represent a huge opportunity – or they simply believe they are doing it right. Oddly, the same guys who think they are doing it right, have reached out to us to say, “I’m great with women and I have events all the time, I just don’t understand why these women aren’t flocking to my practice.” We’re pretty sure they aren’t doing it right. Their results are proof of that. But their loss is an opportunity for those who get it right. The deniers will be left wondering why they aren’t doing as well as others in 2018.
In an age where the ground beneath our feet is ever-shifting – those who adapt to the changes taking place will be the big winners. These advisors recognize the enormous social changes and shifts in economic power taking place and are willing and eager to learn and adapt and are already winners. If you want 2018 to be your best year ever be an Adaptor!
Don’t put off learning how to attract and retain high net worth women.